Bitcoin remained strong above the $54,000 level against the US
Dollar. BTC started a fresh increase and it could rally above
$58,500 and $59,500. Bitcoin started a fresh increase and it broke
the $58,000 level. The price is now trading above $57,500 and the
100 hourly simple moving average. There was a break above a key
bearish trend line with resistance near $56,500 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair could
accelerate higher towards the $60,000 level in the near term.
Bitcoin Price Gains Pace Bitcoin price found support near the
$54,000 level and started a fresh increase. BTC broke the key
$57,000 resistance zone to enter again into a positive zone. There
was a break above a key bearish trend line with resistance near
$56,500 on the hourly chart of the BTC/USD pair. The pair
accelerated higher above the $57,500 level and the 100 hourly
simple moving average. Bitcoin surpassed the 76.4% Fib retracement
level of the key drop from the $57,835 swing high to $54,020 low.
It opened the doors for a fresh high above the $58,000 level. The
price is now accelerating higher above the $58,000 level. On the
upside, an initial resistance is near the $58,750 level. It is near
the 1.236 Fib extension level of the key drop from the $57,835
swing high to $54,020 low. The first key resistance is near the
$59,000 level. A clear break above the $59,000 resistance could
open the doors for more upsides. Source: BTCUSD on TradingView.com
The next major resistance sits near the $60,000 level. An
intermediate hurdle for the bulls may possibly be near the $59,500
level. Dips Supported In BTC? If bitcoin fails to clear the $59,000
resistance zone, it could start a downside correction. An immediate
support on the downside is near the $58,000 level. The first major
support is now forming near the $57,800 level (the recent breakout
zone). A downside break below the $57,800 level could set the pace
for a downside correction. The next major support is now near the
$56,500 level and the 100 hourly SMA. Technical indicators: Hourly
MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 50
level. Major Support Levels – $57,800, followed by $56,500. Major
Resistance Levels – $58,750, $59,000 and $60,000.

Bitcoin (COIN:BTCUSD)
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Bitcoin (COIN:BTCUSD)
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